Danske Bank võtab üle Swedpanga
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Esialgu üksnes kuulujutt :))
Aga Swedpanga stokk on üle 100 SEKi roninud selle peale. -
Merrill Lynch tõstis täna muideks Swedbanga investeerimisreitingut:
o We raise our opinion on FSB (Swedbank) to Strong Buy based on its low
valuation vs Nordic and EU peers and its relatively defensive profile.
o Swedbank shares presently yield 6% and trade at 8.7x 2003E EPSx - a
discount of 8% to Nordic peers and 15% to EU retail banks.
o We believe the market underestimates the value in Swedbank's low growth,
but highly cash generative franchise.
o Our NOK115 price objective is based on an avg retail bank multiple of
10.5x 2003E EPS, which we believe Swedbank merits given 2001-05E EPS CAGR of 8%
and 19% ROE.
o Our ratings upgrade occurs despite lowering '02-04E EPS 8-15% on lower
asset mgm't and broking fees and trading income, as well as 8bp rise in
provisions in '03E/04E to 30-35bp.
o Still, with 100% prov.s/NPLs and a loan book dominated by retail mtg and
SMEs, we believe big credit surprises are less likely than at more corporate-
oriented banks.
o 1H results are out on 23(**rd) August. We project a 14% yoy decline in p/t
op. profit as lower fee and trading income, along with a slight rise in
provisions, undermine strong cost control.
PS! Arusaamatuks jääb miks ML analüütik annab Rootsi panga hinna Norra kroonides -
Degussa AG (Germany, SEDOL 4870834) will be deleted from the S&P Europe 350, S&P Euro Plus, and S&P Euro Indices due to a large reduction in its free float. The current free float is estimated to be 7.04% following the completion of the take-over offer made by RAG AG (Germany, non-constituent) where the acceptance level concluded in 46.48% of Degussa's shares. At this time E.ON will retain its 46.5% stake.
FöreningsSparbanken AB (Swedbank). (Sweden, SEDOL 4846523) will replace Degussa AG in the S&P Europe 350 and will be added to the S&P Euro Plus and S&P Euro Indices after the close of trading on Thursday, August 22, 2002.
